"I'm pleased at the range and location of these projects," said CivicSD Chairman Kim Kilkenny. "I know there was vocal suspicion that this organization would be downtown-centric and I think the first effort by Civic San Diego and the tax credits demonstrate the needs of the entire city."

The application will now go to the U.S. Treasury Department's New Markets Tax Credits office for consideration along with billions of dollars in other projects from around the country. Congress has yet to authorize a new round of funding and if it does, the announcement of who will get how much is not expected until next spring.

CCDC and SEDC previously relied on redevelopment property taxes to fund such projects but with the state-mandated end to redevelopment agencies Feb. 1, CivicSD was set up to wind down various projects and find new sources to fund future ones. The tax credit program is CivicSD's first such attempt.

CivicSD Vice President Jeff Graham said consultants believe this first application might result in perhaps $40 million in tax credits. CivicSD would sell them to investors, who would loan cash to the developers of one or more of the six projects. Typically, the credits would cover about a quarter of a project's cost and not have to be repaid after seven years.

However, Graham said if the credits do get approved, CivicSD could pick other similar revitalization projects if any these these are not ready to move forward.

The six projects, which previously were being advanced by SEDC, are:

Valencia Business Park in Valencia Park: A 4.5-acre complex that might include a retail center, food production facility and local recording studio for young musicians.